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TMI Blog2023 (12) TMI 1173X X X X Extracts X X X X X X X X Extracts X X X X ..... judicating Authority has taken in consideration the fact that properties shall come to the kitty of the Corporate Debtor, whose value is much more than the entire plan value submitted by the Resolution Applicant, hence, order was issued for issuance of Form G - the observation of the Adjudicating Authority as made in Para 19, 20 and 21 of the impugned order, agreed upon, which was sufficient reason for issuance of fresh Form G. However, we are of the view that some time ought to have been fixed by the Adjudicating Authority for completion of the entire process - while affirming order of the Adjudicating Authority, further direction is given that entire process including consideration of Resolution Plan shall be completed within a period of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2023 stands disposed of. 2. Heard learned counsel for the parties. This Appeal has been filed against order dated 18.09.203 by which order the Adjudicating Authority while deciding I.A. No.363/ND/2023 has directed for issuance of fresh Form G, where the Appellant will also have liberty to submit EOI. The reason given by the Adjudicating Authority in the impugned order is that after issuance of Information Memorandum, under the orders of Delhi High Court dated 07.10.2021 and 01.06.2023 the amount of Rs.3,01,07,609/- along with 9% interest was replaced with properties (Unit Nos.901, 923 923A and 1022A on the 9th floor and 10th floor having covered area of 345 sq. ft.) located at Plot No.4, Dwarka City Centre, Sector-13, Dwarka, New Delh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the exercise of the powers by the R esolution Professional during the CIR Process of the Corporate Debtor. 21. In the circumstances, we have no other option but (a) to reject the present Resolution Plan; (b) direct the Resolution Professional to conduct a fresh valuation of the Corporate Debtor's properties, inter alia, including the Unit no. 910, 923, 923A, and 1022A at 10th floor having covered area 345 Sq. Ft. forming part of the Hotel Building constructed at Plot No. 4, Dwarka City Centre, Sector-13, Dwarka, New Delhi and issue the Information Memorandum; (c) issue a fresh 'Form G' through a wide publication; and (d) complete the entire process of seeking approval of CoC, for the Resolution Plans if received, at the earl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e impugned order, as extracted above, which was sufficient reason for issuance of fresh Form G. However, we are of the view that some time ought to have been fixed by the Adjudicating Authority for completion of the entire process. We, thus, while affirming order of the Adjudicating Authority issue further direction in following manner: (i) The entire process including consideration of Resolution Plan shall be completed within a period of three months from today. 7. Learned counsel for the Committee of Creditors contends that the revaluation ought not to have been ordered by the Adjudicating Authority. Learned counsel for the Committee of Creditors relied on judgment of Hon ble Supreme Court in Civil Appeal No. 1527 of 2022, Ramkrishn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he final Resolution Plan provided for the monetization proceeds of the land as also the avoidance amounts to go to the FC(s) of the Corporate Debtor. 8. The present is not a case where the Adjudicating Authority has directed for any valuation of the assets of the Corporate Debtor. Present is a case where during the CIRP process under the orders of the High Court of Delhi properties worth value of approx. Rs.3 Crores have been added to the assets of the Corporate Debtor on basis of which the Adjudicating Authority took the view that fresh Form G should be issued so that interested Resolution Applicants may know that the value of the Corporate Debtor has increased. Thus, the judgment relied by the learned counsel for the Committee of Cre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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